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The Land Bank of the Philippines recently announced it has expanded the coverage of its Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth or I-Study lending program to students, allowing them to borrow up to P50,000 (around $1,030) to purchase devices, such as smartphones and laptops, for online classes.
The maximum loanable account is P150,000 ($3,090) per student or P300,000 ($6,179) per parent-borrower, to be used to cover tuition fees and other related expenses for one school year or two semesters. When LandBank introduced the I-Study lending program last year, only parents and guardians were eligible to apply for financial assistance from the state-owned lender.
The age limit of students looking to apply for a credit has also been increased to 50 years old from 30 and now includes scholars whose scholarships don’t cover their tuition entirely, as well as non-scholar students from private preschool, primary, and secondary schools.
LandBank’s more inclusive credit facility arrives at the heels of an uncertain education landscape and the national government’s continued support of distance learning to curb the spread of the coronavirus.
According to the LandBank website, loans under the I-Study lending program have a fixed interest rate of 5% per annum, payable up to three years. It also lists the following documentary requirements for preprocessing:
- Parents, guardians/benefactors/co-borrower
- Duly accomplished loan application form
- For salaried individuals:
- Certificate of employment/contract of Employment;
- Copy of three months latest pay slip;
- Latest BIR-filed ITR
- For self-employed:
- Copy of business permit
- Latest BIR-filed ITR
- Valid government-issued ID
- Proof of billing address and payment record from at least two utility/service companies
- Admission slip/enrollment form with Student ID issued by an education institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student);
- Form 138/certified true copy of grades during the previous semester attended;
- Certificate of good moral character from the dean/guidance counselor or any authorized personnel from the school;
- Schedule of payment of school fees and other enrollment-related expenses for the subject school semester or school year, duly certified by the registrar or authorized personnel of the educational institution.
Note: Some documents need not be submitted if the same shall be provided by the school. How one should apply and other details here.
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